Canada's overall numbers are not as impressive, but they reflect the growth rotation that will see exports and business investment grab the baton from the consumer and housing sectors. Conditions already favour export growth: a weakening loonie, a surge in leading sectors, a key export market that is leading the way, and strong demand for resources.

A decade ago, predictions that the Canadian currency would rise to 75 cents US seemed outlandish. No one foresaw the 8 to 9 per cent annual appreciations that blew past the 'wackiest' forecasts and for a time took the loonie well north of parity. We bounced back.